Wrigley Field Concerts Report

Uploaded by

Description:

Last week's concert series by Bruce Springsteen and the E Street Band brought more than 84,000 fans to the Friendly Confines and generated $24 million in economic activity for nearby businesses, according to numbers released today by a consultant.

Copyright:

Attribution Non-Commercial (BY-NC)

Available Formats

Wrigley Field Concerts Report

Uploaded by

Description:

Last week's concert series by Bruce Springsteen and the E Street Band brought more than 84,000 fans to the Friendly Confines and generated $24 million in economic activity for nearby businesses, according to numbers released today by a consultant.

WRIGLEY FIELD CONCERTS DELIVER MORE THAN $24 MILLION IN ECONOMIC IMPACT IN 2012

BRUCE SPRINGSTEEN SHOWS HELP SET ATTENDANCE RECORD

THURSDAY, SEPTEMBER 13CHICAGO The four musical performances at Wrigley Field in 2012 brought more than $24 million in economic activity to Chicago and the Lakeview neighborhood. The performances by Bruce Springsteen and E Street Band last weekend also set a new record for the largest crowd to attend a concert at the Friendly Confines. The concert series drew 84,218 fans Friday and Saturday. The previous record of 83,998 was set last fall when Paul McCartney played two concerts at Wrigley Field. This was Springsteens first performance at Wrigley Field and first in Chicago since 2009. These numbers reinforce the powerful combination of legendary music artists and a historic and unique venue, which produces a once-in-a-lifetime experience for thousands of fans. Minneapolis-based Convention Sports and Leisure International (CSL) estimated the weekend concerts delivered more than $12 million in total economic impact to the region. This figure reflects $7.4 million in direct spending by concert-goers both inside the ballpark and at hotels, bars, restaurants and other businesses in the surrounding neighborhood. Wrigley Field is perhaps the greatest entertainment venue and economic asset in the City of Chicago, said Bill Rhoda, director of sports services for CSL. The park creates tremendous value for an entire City and in particular, is largely responsible for keeping the Lakeview community strong and vibrant. As a result of the direct spending, Rhoda says, dollars are multiplied through the economy and additional wages are created for those who work the concerts. Rhoda noted Wrigley Fields unique urban location also extends the impact of the ballpark to more than 2,000 parking spaces operated by neighborhood residents, rooftop businesses which were sold out for the show, billboards and signage controlled by third parties and a highly active bar and restaurant business which benefits from the economic activity of concertgoers. The record-breaking Springsteen performances generated $1.3 million in state and local taxes, more than $400,000 of which comes from City and County amusement taxes alone - taxes generated from each ticket sold for the concerts. When combined with Junes Wrigley Field performances by Brad Paisley and Roger Waters, this summers four concerts at Wrigley Field generated $24 million in economic impact and $2.5 million in estimated tax revenues to the City, County and State, including $1.6 million in taxes for the City of Chicago alone. While the majority of ticket revenues go to the performers and promoter, the enormous economic impact is felt outside the ballpark by bars and restaurants, Chicago-area hotels, rooftop businesses, neighborhood parking lots and residential garages and the team. Lakeview Chamber of Commerce Executive Director Heather Way said the concerts are a boon to the Lakeview area and provide world-class and unique events, which contribute to the energetic environment of the neighborhood. Were fortunate Wrigley Field and the Cubs have the capacity to host distinct events, which draw a consumer who might not otherwise have the opportunity to discover all that Lakeview has to offer, Way said. The economic impact was felt as far as Southport Avenue, as businesses saw an increase in sales. We realized a 20 percent increase in sales versus the previous weekend, said Derek Rettell, owner of Crosbys Restaurant, 3455 N. Southport. Typically September is when we begin to see sales slide as school begins, but the concert was a great bump to our business. This is a clear case of how we can keep business going and people working. Gus Isaacson, executive director, Central Lakeview Chamber of Commerce said, The business community is always appreciative of concerts in the area. The sold out events are a great example of the communitys excitement. We gear up for extra attention and support of our members by creating new signage, menus, and promotions for the concerts, he added. Tiffany Morgan, director of operations for Casey Morans, a popular Clark Street bar, which has served Lakeview residents and Cubs fans for more than eight years said the concerts are great for the area.

The concerts are fantastic for both of our businesses. They bring new faces to the neighborhood and people love the novelty of seeing a show at Wrigley Field. Each show brings its own brand of energy and excitement. We would love to see as many shows at Wrigley as possible.